Cabletron Sys Repurchased 600,000 Cmn Shares In Fiscal 3Q
WASHINGTON -(Dow Jones)- Cabletron Systems Inc. (CS) repurchased roughly 600,000 shares of its common stock for about $18.1 million in the fiscal
third quarter, ended Dec. 2, the company reported in a Form 10-Q filed with the Securities and Exchange Commission.
The purchases were made under a buyback program Cabletron Systems began in April that calls for repurchasing up to $400 million of its outstanding
common stock, the filing from Tuesday said.
The company has repurchased 1.8 million common shares and had outstanding put options to repurchase an additional $9.7 million of common stock as of
Dec. 2.
Cabletron Systems paid an average of $30.18 a share for the 600,000 shares. The shares were recently trading down 38 cents, or 2%, to $18.38.
The company said it will buy the shares in the open market, through block or privately negotiated transactions or otherwise, at management's discretion.
As of Jan. 3, the company had 184,641,834 shares of common stock outstanding. |
